Question: A retiree has saved up $ 1 , 0 0 0 , 0 0 0 . He has the money in an account that is

A retiree has saved up $1,000,000. He has the money in an account that is earning 5% a year
with monthly compounding. He wants to leave $50,000 to his grandchildren at the end of 25
years, how much can he withdraw at the beginning of each month and still reach his goal? What
can he withdraw at the beginning of each month, if he plans on having nothing left in 25 years?

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